FBG Capital, one of the world’s most reputable digital asset management firms, has been announced as the lead investor in the Universal Protocol Platform (UPP), a blockchain technology project launched by an alliance of industry leading companies. UPP is launching a digital reserve ecosystem that allows for the seamless transfer of digital currencies and digital assets across nearly all decentralized networks. The platform introduces general interoperability of blockchain-based assets as well as features that promote conventional investor protections.
Similar to the early days of the internet, blockchain technology platforms today are fragmented and incapable of communicating with one another. Like the breakthrough developments of TCP and IP, which made disparate initiatives in the early internet interoperable, the Universal Protocol Platform will do the same for blockchain technology by combining proven technologies with a genuine new innovation: the introduction of the Proxy Token.
A Proxy Token is a digital representation of an underlying asset, such as Bitcoin, on the Ethereum blockchain, and compatible with smart contracts on that platform. Holders can seamlessly exchange Proxy Tokens representing different assets on-chain. The value of a Proxy Token is fully-backed by a matching asset in the professional custody of a reserve.
“We are thrilled to lead the initial round of investment in the Universal Protocol Platform,” said Richard Liu of FBG Capital. “Their unique innovation with proxy tokens introduces an array of features that haven’t been available to the crypto community until now. In addition, the strength and experience of the team and the calibre of the coalition of companies that are coming together to build and propagate this technology will move the crypto community forward. We’re very excited to be a part of this important project.”
The functionality of Proxy Tokens on the Universal Protocol Platform addresses one of the biggest challenges facing blockchain users by allowing the instant and seamless transfer of value across different decentralized networks, providing a ‘common language’ through which incompatible protocols can ‘reason’ with each other. UPP reduces the time, cost and risk of converting digital assets.